The Pope gets involved

In the Pope’s third encyclical, Charity in Truth, he didn’t fail to include his calls for “true world political authority” to help correct the failures of capitalism. It was issued on the night of a G8 summit to be held in Italy. His condemnation of the “grave deviations and failures” of capitalism” also included strong criticisms of international aid agencies, which he believes are guilty of encouraging abortion, sterilisation and imposing contraception.

From the FT:

While the pontiff’s call for a new political authority is unlikely to go down well with the G8 heads of government, his plea for financiers in particular to refocus on ethics will be reflected in a G8 communique bearing the imprint of Italy and Germany in their push for stronger and more coordinated “global standards”.

In common with some of the more regulatory-minded members of the G8, the pope does not reject globalisation outright but seeks more forceful implementation of common rules and standards.